Castle & Cooke Homes to Offer Up to 19% of Stock

Dole Food Co. said its Castle & Cooke Homes Inc. home-building unit plans to sell up to 5.75 million shares, or 19% of its stock, to the public.

The proposed offering is part of Dole’s previously announced plans to separate its real estate operations from its food businesses. Dole, based in Westlake Village, is a leading marketer of fruits, vegetables and juices.

Castle & Cooke Homes has residential developments in three states: Hawaii, California and Arizona.

Dole said it plans to retain its resort and residential operations on the Hawaiian island of Lanai, and its commercial and industrial operations in Hawaii and California.